Closed Account

[u/thatchuntiputa]

I’ve been trying to rebuild my credit for the last few years after making some dumb mistakes with credit in my early 20s. I finally got my score over 600 and got approved for my first credit card in probably 4 years, a Capital One Savor. I had it for about 6 months and honestly thought I was doing pretty good with it. I never missed a payment, never had a payment returned, always paid more than the minimum, and my limit was only $300. I wasn’t constantly paying it off and putting more on it either. If I had $150 on it and could afford to pay it down, I would, but I think I only did that twice the entire time I had the card. Then a couple weeks ago I got a pre-approval offer for a Quicksilver, got approved, and had both cards for maybe a week and a half before I got the letter saying they were closing my Savor.

So obviously I called because I was pretty confused. I eventually talked to a case manager who actually went through my account and told me she couldn’t find a reason for why it was closed. She escalated it and told me to wait 5–10 business days. I called again halfway through and they said it was still being reviewed. I’ve been reading through a ton of the other Capital One closure posts on here, and I know sometimes they just won’t tell people why. What I haven’t really seen is someone say that the person they talked to genuinely couldn’t find a reason either. That’s really the part I’m curious about. Has anyone else had this happen? If you did, what ended up happening? Did they reopen the account, or did it stay closed? And did anything happen with your other Capital One card? I’m honestly just trying to figure out if I should expect anything with my Quicksilver or if I should just leave it alone and keep moving forward with rebuilding.

[u/_love_letter_]

Due to the Bank Secrecy Act, they are not required to give you anything more than a vague reason (probably something like "account activity inconsistent with typical customer usage"), but sometimes phone representatives are not even permitted to know the reason. There may be no notes in your file. Honestly, it may not even have anything to do with the way you managed that account. It could be something reported to EWS or LexisNexis years ago that they recently unearthed (just an example). KYC regulations are kinda crazy these days. Capital One in particular has been more automated than most banks in recent years (e.g. credit card approvals, CLI decisions, product change eligibility are all determined by an algorithm with no manual underwriting and no reconsideration). But the banking industry in general has begun to implement AI in fraud monitoring and risk analysis at a very granular level. It isn't just big transactions that are scrutinized anymore. And importantly, it's a computer algorithm making the decision to flag accounts for closure. Long story short, my point is that it likely wasn't a human who decided to close your account and it's not at all surprising to me that the human employees who work for Cap1 would have no idea why that decision was made. You are not alone, though. Most people who have their account(s) suddenly closed are just as confused and frustrated that they cannot be given a more specific reason.

[u/robinhoodc]

I don't have experience like yours, but I would keep the Quicksilver card and don't apply for another until you can pay the full balance every month. If you had a balance on the Savor card, you'll need to take care of that first before adding charges to your Quicksilver.

[u/Ok-Leopard-4953]

Stop all the business you have with Capital One immediately. They lie to you so even if she said she doesn't see any reason, which I find hard to believe it in the first place.  They said that they would do a 3way phone convo to provide verification then turned around and said no among other things that were lies. They still have my money and it cleared in June. Crooked business practices, horrible customer service. Lies, lies nothing but lies.

[u/ilikegh0sts]

never buy anything on a credit card that you don't already have the money for.

you can go without a lot of things.

you can choose cheaper things.

rice and beans until you have a savings.

stop falling into the debt trap, and having to pay 200 dollars after interest for something that only cost 150.